A Heloc payment is usually 1.5% of outstanding balance due monthly I'm not sure how much exchanging one revolving debt for another with similar debt service is really going to help DTI. is this what a lender directly told you or is this what you are assuming?

@Dave Foster can comment on the exchange as far as, llc to personal name.

Originally i had in my contract that there would be a exchange of money as a holding to be legal.

There was a large monetary exchange.

But more bedrooms give a lot more flexibility.I don't know what the market is, but I'd wager a 5/2 is almost always going to have more value than a 4/3.But again, that's just my opinion.

So if you plan to do a 1031 exchange in 2 years then you'll want your owner financing to have a balloon for that time to insure he cashes you out then.Are you wanting to have interest on your owner finance or no?

Just the costs of setting up a room, bringing the plumbing, gas, electric (I believe commercial machines run on 250 volts, which likely isn't wired in yet), having someone on-call to fix them whenever they break, might require too much capital.But:I'd wager I'm not telling you anything you didn't already know!

Hi everyone,Do you have an accountant that you recommend in the Chicago area, who has good knowledge of real estate taxes for investors (1031 exchange, etc.)?

Feel free to reach out if you want to exchange ideas.

Ever heard of 721 exchange?